Money transmitter bond cost
The Rhode Island Department of Business Regulation requires money transmission professionals to post surety bonds to legally work within the state. Before beginning the bonding process, applicants should verify their required bond amount with the state in which they choose to do business. This bond must have $50,000 minimum coverage.
This specific bond type is subject to underwriting, meaning the amount you’ll pay depends on a review of your personal credit report as well as your required bond amount. Don’t worry about bad credit affecting your chance of posting a bond. The experts make the bonding process fast and easy for all applicants.
Why this bond
Rhode Island money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 19-14 of the Rhode Island General Laws and all other laws applicable to the business of money transmission. If fraudulent activity occurs as a result of malpractice conducted by the principal, consumers will not face any financial harm. Acts of malpractice include:
- committing fraud, engaging in dishonest activity or making misrepresentation
- violation of any provision of Title 19 which includes Chapter 19-14
- failure to comply with any demand, ruling, order or requirement of the director of the Department of Business
- Regulation made within the authority of Title 19
Money transmitter bond details
Rhode Island money transmission surety bonds expire on December 31 and can be renewed with a $360 fee. The applicant must have a minimum net worth of $50,000 to apply for this bond.
Become a money transmitter
To become a licensed money transmitter in Rhode Island, applicants must provide the following information on the license application:
- Name and address of the applicant’s business
- Names and addresses of each member, director and principal officer if the business is a partnership, association, corporation or other form of business organization
- Description of the activities of the applicant
In addition, applicants must submit a $180 application/investigation fee.
Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria are met by the applicant.
Take the first step toward becoming licensed in Rhode Island by purchasing the surety bond you need quickly, easily and accurately!
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